Getting the best home insurance rates is a great way to save money on homeownership costs. Comparison shopping is the best way to ensure you get the best coverage at the best rates. To help you get started, we evaluated average rates for large home insurance companies in Delaware.
Cheap Home Insurance in Delaware Cost Comparison
| Company | Average annual home insurance cost in Delaware |
|---|---|
| $798 | |
| $859 | |
| $1,067 | |
| $1,185 | |
| $1,220 | |
| Source: Quadrant Information Services, based on dwelling coverage of $300,000 | |
It’s smart to compare home insurance quotes if your goal is to find cheap homeowners insurance. As you can see in the table above, home insurance costs can vary significantly from one insurance company to the next. You won’t know how much you can save without comparison shopping.
But don’t rely solely on price. The best home insurance company for you will also offer coverages and discounts that match your homeowner profile.
Delaware Homeowners Insurance Cost Factors
Your ability to find cheap home insurance in Delaware will depend on several factors, including:
- The building materials of the house
- The age of the house
- The cost to rebuild
- Your claims history
- The claims history in your ZIP code
- The fire rating of your ZIP code
- Your credit
- Your deductible amount
- The coverage amounts chosen
What Does Delaware Homeowners Insurance Cover?
A standard homeowners insurance policy is also known as an HO-3. It covers your house structure for any problem that’s not excluded in your policy.
Your belongings (personal property) are covered for specific “perils” in an HO-3 policy. Fires, theft, vandalism, tornadoes and explosions are just some of the problems covered by home insurance.
When deciding how much home insurance you need, assess how the different types of home insurance work together to protect you.
A standard homeowners insurance policy can be broken down into the following main coverage types:
- Dwelling: If your house is damaged, dwelling coverage pays to rebuild or repair it. Attached structures, such as a porch, deck or garage, are also covered.
- Other structures: Structures not attached to your home, for instance a barn, shed or fence, are covered by this type of home insurance.
- Personal property: Your belongings, for instance items like your clothing, rugs, furniture, jewelry, pots and pans and appliances, are covered by personal property insurance. It pays to replace or repair the contents of your home after a problem such as vandalism, theft or fire.
- Liability: If you accidentally cause damage to someone else’s property or injure someone else, liability insurance covers you for certain costs. For example, if your dog bites someone your liability insurance can pay for legal defense expenses, settlements and court judgments.
- Medical payments to others: If someone who is not a member of your household is injured, this covers smaller medical claims, no matter who is at fault. For example, if a guest breaks their toe after stubbing it against your coffee table, medical payments coverage could pay for a trip to urgent care.
- Additional living expenses: If you can’t live in your house because of a problem covered by your policy (like a fire), additional living expenses pays for extra costs like restaurant meals, pet boarding fees and hotel expenses.
What’s Not Covered by Delaware Homeowners Insurance?
A standard home insurance policy excludes many different types of problems. Common exclusions include earthquakes, sinkholes, floods, war, nuclear failure, intentional loss, vermin and insect infestation, wear and tear and power failure.
It’s worth your time to closely review your policy to understand what is excluded from coverage.
Flood Insurance in Delaware
A standard homeowners insurance policy won’t cover flood damage. Homeowners in the First State (especially those near the coast) may want to consider flood insurance.
Many areas in the U.S. experience flooding that’s costly and destructive but may not have been declared a federal disaster.
Financial help from the government can be limited. It’s better to have your own flood insurance to rely on. Most people who buy flood insurance get it through the National Flood Insurance Program (NFIP), a federal program. Private flood insurance is also available.
FEMA’s Individuals and Households Program (IHP) can provide financial and direct assistance after an emergency or major disaster, if you are eligible. This program helps people find housing after a problem directly affected by a disaster and that’s not covered by insurance or other sources.
Tips for Buying Delaware Home Insurance
Maybe you are a first time homeowner or you already own a home but want to go with a new insurance company. Finding a good price does not mean you have to sacrifice on coverage. Here are some home insurance shopping tips for both newcomers and longtime homeowners:
- Compare quotes. The best way to find a good deal is to get homeowners insurance quotes from multiple insurers.
- Evaluate how much liability insurance you need. You should buy an amount that matches the value of what could be taken from you in a lawsuit, or at least $300,000.
- Estimate your rebuilding costs. Ask a trusted contractor or your insurance company what the cost would be to rebuild your home with equitable materials, based on labor costs in your area. You want your dwelling coverage to be equal to this estimate.
- Fill in coverage gaps. You can buy optional coverages to bolster your policy. For example, you can add coverage for water and sewer backup.
- Upgrade to replacement cost coverage. Actual cash value coverage will only pay the depreciated value of your items, whereas replacement cost coverage will pay for new items.
- Buy more coverage for high-value items. An HO-3 generally limits coverage for certain types of items, like jewelry. You might want to consider scheduling personal property for your valuables.
- Don’t forget about discounts. You might be eligible for discounts, such as a home security discount or “bundle” discount if you buy your car insurance from the same company. It doesn’t hurt to ask your insurance agent if you qualify for any.
- Research financial ratings. Your mortgage may not finance you unless you go with an insurer that has at least an “A” financial strength rating. You can check financial strength ratings from companies like Standard & Poor’s or A.M. Best.
Methodology
Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.
